Company profile
SEC EDGAR ↗- Industry
- Cigarettes
- Listed
- NYSE: PM
- Incorporated
- VA
- Headquarters
- Stamford, CT
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $40.6B
- Net income
- $11.3B
- Total assets
- $69.2B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $40.6B | $11.3B | $69.2B |
| FY2024 | $37.9B | $7.06B | $61.8B |
| FY2023 | $35.2B | $7.81B | $65.3B |
| FY2022 | $31.8B | $9.05B | $61.7B |
| FY2021 | $31.4B | $9.11B | $41.3B |
| FY2020 | $28.7B | $8.06B | $44.8B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
PMI's $16 Billion Swedish Match Deal Bought ZYN's 74% Share and a Return to America
PMI's $16 billion Swedish Match deal looks like a bet on nicotine pouches. It was really a return ticket: spun off from Altria in 2008 with no US footprint, PMI bought ZYN's 74%+ market share because it had no organic way to earn one.
8 min
The Cannibalization Choice · Decision Forks
Philip Morris Says It's Killing Cigarettes. Its Cigarette Revenue Is Still Growing.
Smoke-free products hit ~39% of PMI's 2024 revenue, and the company calls it self-cannibalization. But combustible net revenue grew 4.0% the same year. PMI isn't destroying its cigarette business - it's arbitraging the gap between markets that allow IQOS and markets that don't.
8 min
The Cannibalization Choice · Decision Forks
Philip Morris Set Out to Kill Its Own Cigarette. It Got Halfway, and the Half That Stalled Tells You Why.
PMI staked over $16 billion since 2008 on a device meant to replace Marlboro. By FY2025 smoke-free products were 41.5% of revenue and IQOS had outsold Marlboro for a quarter — but combustibles still pay the bills, and one patent loss froze the whole plan out of America.
8 min